7. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income attributable to WESCO International by the weighted-average number of common shares outstanding during the periods. Diluted earnings per share is computed by dividing net income attributable to WESCO International by the weighted-average common shares and common share equivalents outstanding during the periods. The dilutive effect of common share equivalents is considered in the diluted earnings per share computation using the treasury stock method, which includes consideration of equity awards.

The following table sets forth the details of basic and diluted earnings per share:



	Three Months Ended				Nine Months Ended
	September 30				September 30
(In thousands, except per share data)	2018		2017		2018		2017
Net income attributable to WESCO International	$	66,849	$	53,675	$	169,210	$	140,918
Weighted-average common shares outstanding used in computing basic earnings per share	47,010		47,415		47,044		48,134
Common shares issuable upon exercise of dilutive equity awards	476		389		503		508
Weighted-average common shares outstanding and common share equivalents used in computing diluted earnings per share	47,486		47,804		47,547		48,642
Earnings per share attributable to WESCO International
Basic	$	1.42	$	1.13	$	3.60	$	2.93
Diluted	$	1.41	$	1.12	$	3.56	$	2.90

For the three and nine months ended September 30, 2018 the computation of diluted earnings per share attributable to WESCO International excluded stock-based awards of approximately 1.7 million and 1.5 million, respectively. For the three and nine months ended September 30, 2017, the computation of diluted earnings per share attributable to WESCO International excluded stock-based awards of approximately 1.5 million and 1.3 million, respectively. These amounts were excluded because their effect would have been antidilutive.

In December 2014, the Company's Board of Directors authorized the repurchase of up to $300 million of the Company's common stock through December 31, 2017 (the "2014 Repurchase Authorization"). During the nine months ended September 30, 2017, the Company repurchased 1,778,537 shares under the 2014 Repurchase Authorization for $100.0 million.

In December 2017, the Company's Board of Directors authorized the repurchase of up to $300 million of the Company's common stock through December 31, 2020 (the "2017 Repurchase Authorization"). On September 6, 2018, the Company entered into an accelerated stock repurchase agreement (the "ASR Transaction") with a financial institution to repurchase additional shares of its common stock pursuant to its 2017 Repurchase Authorization. In exchange for an up-front cash payment of $25.0 million, the Company received an initial share delivery of 351,821 shares. As of September 30, 2018, the ASR Transaction had not yet settled between the counterparties. The total number of shares ultimately delivered under the ASR Transaction will be determined by the average of the volume-weighted average prices of the Company's common stock for each exchange business day during the settlement valuation period. For purposes of computing earnings per share for the three and nine months ended September 30, 2018 and 2017, share repurchases were reflected as a reduction to common shares outstanding on the respective delivery dates. WESCO funded the repurchase with available cash and borrowings under the Company's accounts receivable securitization facility.